542.1. The council may, by by-law, on the conditions and in the sectors of the municipality it determines, order that the municipality grant, for buildings or parts of buildings that have been rebuilt, renovated, restored, enlarged or converted in conformity with a revitalization program, subsidies designed to compensate for the increase in real estate taxes that may result from the reassessment of such buildings after completion of the work.
The revitalization program contained in the by-law contemplated in the first paragraph may be aimed, in the whole or any part of the municipality, at promoting the renovation, restoration or enlargement of buildings or the conversion of buildings into residential buildings.
In no case may the amount of the subsidies contemplated in the first paragraph exceed the following amounts:(1) for the fiscal period in which the work was completed and the following fiscal period, that amount must not exceed the difference between the amount of the real estate taxes that would be due had the assessment of the building not been altered and the amount of the taxes actually due; and
(2) for the second fiscal period following the fiscal period in which the work was completed, that amount must not exceed fifty per cent of the difference between the amount of the real estate taxes that would be due had the assessment of the building not been altered and the amount of the taxes actually due.
Where any entry on the roll relating to the assessment of a building eligible for a subsidy under this section is contested, the subsidy is paid only when a final decision has been rendered on the contestation.
In the case of a residential building, no subsidy is payable unless the owner demonstrates, in the manner prescribed in the by-law, that the price charged to his lessees for rent has not been increased as a result of the increase in the real estate taxes.